FINMA introduced a clearing obligation for standardized interest-rate and credit derivatives traded over the counter (OTC). The corresponding annex of the FINMA Financial Market Infrastructure Ordinance (FMIO-FINMA) will enter into force on September 01, 2018.
The clearing obligation is stipulated in the Financial Market Infrastructure Act. FINMA determines the timing of its introduction and specifies the categories of derivatives covered. Before introducing these changes, FINMA ran a consultation for the industry. Based on the comments submitted, no changes will be made to the categories of derivatives FINMA had proposed. FMIO-FINMA will enter into force on September 01, 2018. From then on, the deadlines for the first clearing obligations will run. These deadlines are laid down in the Ordinance. A central component of Swiss regulation of derivatives trading is the duty to clear certain FINMA-designated OTC categories of derivatives through a central counterparty.
Effective Date: September 01, 2018
Keywords: Europe, Switzerland, Securities, FMI, OTC Derivatives, FMI Ordinance, Clearing Obligation, FINMA
Previous ArticleESAs Consult on Amendments to Joint EMIR Standards
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).